Jan. 23 (PTI): Tata Power Company Ltd has posted a 33.94 per cent increase in net profit at Rs 145.97 crore for third quarter ended December 31, 2002 compared with Rs 108.98 crore in the same period last year.

State-owned telecom company MTNL today reported a 33 per cent drop in net profit for the third quarter ended December, 2002 to Rs 217.06 crore as against Rs 328.01 crore in the same period last fiscal.

“The reduction in profit is mainly on account of decrease in revenue consequent to tariff reduction,” an MTNL statement said here.

Despite reduction in long distance call rates with effect from February 2002, and the subsequent drop in ILD tariffs, the revenue had come down only by about 11 per cent.

“Against a net income of Rs 1,650.1 crore from services in the third quarter of 2001-02, the company has earned a revenue of Rs 1,463.1 crore in the third quarter of this fiscal, a reduction of about 11.3 per cent,” it said.

Moser Baer Q3 net up

IT company Moser Baer India today reported a 30 per cent rise in net profit to Rs 64.8 crore for the third quarter ended December 2002 against Rs 50 crore in the previous corresponding quarter.

During the reporting period, the company’s revenue increased by 74.9 per cent to Rs 297.80 crore as against Rs 170.3 crore last year, a release said here.

For the nine-month period the company’s net profit grew to Rs 180.3 crore as against Rs 159.6 crore in the corresponding period last fiscal, a growth of 12.9 per cent.

Torrent net at Rs 14cr

Torrent Pharmaceuticals Ltd has posted a net profit of Rs 14.26 crore for the quarter ended December 31, 2002 compared with a net loss of Rs 27.6 crore in the same period last fiscal.

Total income for the period under review grew to Rs 121.72 crore as against Rs 118.93 crore in October-December 2001, the company informed the Bombay Stock Exchange today.

Padmalaya net down

Padmalaya Telefilms Ltd has reported a drop in its net profit at Rs 4.02 crore for the quarter ended December 31, 2002, compared with Rs 6.61 crore in the same period last year.

The total income in the reporting quarter also declined to Rs 20.23 crore as against Rs 27.40 crore in October-December 2001, the company informed the Bombay Stock Exchange today.

Jindal Steel net soars

Jindal Steel and Power (JSPL) today reported a 105 per cent jump in net profit at Rs 60.21 crore during October-December 2002 from Rs 29.43 crore in the corresponding previous quarter. It has approached financial institutions for restructuring of costly debt.

Gross turnover also shot up by a massive 80 per cent during the third quarter of this fiscal at Rs 300.07 crore compared with Rs 166.58 crore last year, the company said in a statement.

The company reported Rs 130.59 crore profit for the nine-month period starting April. Sales during the period was Rs 742.05 crore.